The BCREA Housing Monitor Dashboard has been updated with the latest data up to March 27, 2023. Click here to access the latest dashboard.

For more information, please contact: Gino Pezzani.

Canadian seasonally-adjusted retail sales rose 1.4 per cent in January to $66.4 billion. Sales rose in 7 of 9 subsectors, but were led by higher sales at motor vehicle and parts dealers (+3 per cent) and gasoline and fuel vendors (+2.9 per cent). Core retail sales, which strips out gasoline and motor vehicle and parts dealers, rose 0.5 per cent. In volume terms, sales rose 1.5 per cent in January. As of January 2023, Statistics Canada broadened and modified its definition of Retail Trade, making the current series not precisely comparable with the previous series.

In BC, seasonally-adjusted sales rose 1.8 per cent in January. Compared to the same month last year, retail sales were up 3.3 per cent in the province. In the Greater Vancouver region, sales rose 3.4 per cent month-over-month and were up 3.2 per cent year-over-year. 

Link: https://mailchi.mp/bcrea/canadian-retail-sales-january-2023-march-24-2023

For more information, please contact: Gino Pezzani.

April Fools Day, April 1. Prank or be pranked on this day of fun!

World Autism Awareness Day, April 2. Established to increase understanding and acceptance of people with autism and to foster worldwide support.

Groundhog's Day, April 2. Will Punxsutawney Phil see his shadow?

National Sibling Day, April 10. A day to appreciate and cherish your brothers and sisters.

National Jelly Bean Day, April 22. Indulge in your favorite Jelly Bean flavor - and why not share them with your friends and coworkers?

You hear it often: That person was “lucky” in business. Or those people are “more fortunate” than others. But what role does luck really play in success? Psychologists at Stanford University say certain attitudes seem to lead to “good luck” and success in life.

1. An open mind. Think of life as a garden of possibilities. Be curious.

2. Persistence. Everyone has ups and downs in work and life. If you persistently follow your goals and deal with disappointment, then you will do well.

3. Flexibility. Though you have a specific goal in mind, be open to variations and new ideas.

4. Positive thinking. Look at a painful experience and, instead of focusing on what you lost, calculate what you gained.

5.Risk taking, whether it's in your personal life or at work, will make you more resilient.

Meanwhile, certain values also play a role in a person's “luck.” A recent survey by Robert Half staffing shows that honesty might be the most-valuable asset in creating opportunity.

Employers told interviewers that honesty was the top requirement for new hires. The same is true for those seeking a better job within an organization. 

Of the employers interviewed, 58 percent said the qualities that impress them most, aside from ability and willingness to do the job, are honesty and integrity. That is an increase of 26 percent compared to five years ago.

To view the March 2023 Mortgage Rate Forecast PDF, click here.

Highlights:

• Economic uncertainty driving substantial volatility in Canadian bond markets.

• Is the Canadian economy just slowing or something worse?

• Inflation trending the right direction, will that be enough to keep the Bank of Canada on hold? 

For more information, please contact: Gino Pezzani.

Canadian prices, as measured by the Consumer Price Index (CPI), rose 5.2 per cent on a year-over-year basis in February, a decrease from the 5.9 per cent rate in January. This large drop was mostly due to base year effects, as inflation increased strongly this month last year. Grocery prices continue to rise too-quickly, up 10.6 per cent from last year, the seventh consecutive month of double-digit annual price growth. Mortgage interest costs were up 23.9 per cent year-over-year, the fastest pace since 1982, as Canadians renewed or initiated higher-rate mortgages. In contrast, the Homeowner's Replacement Cost, which tracks home prices, continued to slow, increasing 3.3 per cent year-over-year in February, down from 4.3 per cent in January. Month-over-month, on a seasonally-adjusted basis, prices were up 0.1 per cent in February. In BC, consumer prices rose 6.2 per cent year-over-year.

There continue to be encouraging signs that the bout of rapid price appreciation that began in February of last year is waning. Although food prices continue to rise quickly, most other categories in the index are trending back toward normal price trends. The Bank of Canada's measures of core inflation, which strip out volatile components, each ticked downwards for a third month in a row. The three-month annualized change in seasonally-adjusted CPI is now well within the bank's 1-3 per cent target range, hitting 1.6 per cent in February. Although price appreciation may be moderating, it is still well above the Bank of Canada's 2 per cent target, and while the Bank has announced a conditional pause on further rate hikes, they could change course if inflation does not continue to cool. 

Link: https://mailchi.mp/bcrea/canadian-inflation-february-2023

For more information, please contact: Gino Pezzani.

Brightly colored fruits and vegetables get their color from flavanols, which are also found in tea and cocoa.

A small study, reported in Scientific Reports in November 2020, suggests that flavanols increase blood flow to the brain and oxygen uptake that increases the ability to solve problems.

In fact, the results are quick. In the study, people who had faster brain oxygenation after consuming high amounts of flavanols scored higher on cognitive tests and solved problems 11 percent faster. That was just two hours after consuming the flavanols.

If your real estate agent flipped through a printed copy of the Multiple Listing Service the last time you bought or sold a house, then you might be surprised at how things have changed. Namely, advances in technology have completely upended the market.

Consider this: Most potential buyers have already done a virtual walk-through of a property before ever setting foot in the house. Today's listings are online and often include photos, videos and 3-D walk-throughs. And it's easy to browse online via such sites as Realtor.com, Zillow, Trulia and Redfin.

Here are other ways that tech has influenced the real estate market:

Offers are made faster. Today's offers are sent and negotiated via email and don't even require a paper-to-pen signature. E-sign and other software means you can communicate and make changes to contracts in minutes.

Apply for a mortgage online. Gone are the days of making an appointment to fill out reams of paperwork. Today, the entire process can be done online. Granted, you can't plead your case to a loan officer in person, but on the flip side, you don't have to brush your hair. 

Do your research online. Your real estate agent will probably still visit town hall to check records, but a lot of your research can be done online. More and more public records become digitized each year, making it easier and faster to research a property from the comfort of home.

Tech inside of the homes themselves. Homes that have easy access to strong broadband connections are almost always more attractive than those without. More homes are outfitted with smart technology as well, meaning everything from security cameras to garage doors and refrigerators are high tech and can be controlled from mobile devices.

Many factors are up for discussion in any real estate transaction—from price to repairs to possession date. While technology has simplified the real estate search, it also has strengthened the need to retain the services of a real estate agent. He or she will look at the transaction from your perspective, help you negotiate a purchase agreement that meets your needs and allow you to do due diligence before you’re bound to the purchase.

The Humane Society of Denver says a barking dog can cause neighborhood disputes and violations of animal control ordinances. If your dog's barking has created neighborhood tension, then it's a good idea to discuss the problem with your neighbors and tell them you are taking steps to modify it.

Determine when and for how long your dog barks and what's causing the barking. Is the dog left alone for long periods of time? Is the dog's environment barren, without playmates or toys? Is it a young dog with few outlets for his or her energy? Is it a herding or sporting dog who needs a "job" to be happy?

Recommendations:

Walk your dog daily.

Teach the dog to fetch a ball or Frisbee.

Teach commands for five to 10 minutes a day.

Take an obedience class with your dog.

Provide interesting toys to keep your dog busy when you're not there. Rotating the toys makes them more interesting.

When you are away, don't take away toys as punishment for barking. The dog won't know why the toy is gone. Instead, he or she will be bored and restless, and probably bark more.

When you have to leave for extended periods, take your dog to a "doggie day care" or have someone lined up to take Fido for a walk outside.

Teach your dog a "quiet" command. When he or she barks at someone, allow two or three barks, then say "Quiet." Interrupt the barking by shaking a can filled with pennies; this will startle your dog into being quiet, and then you can present a reward.

Canadian housing starts rose 13 per cent to 243,959 units in February at a seasonally-adjusted annual rate (SAAR). Starts were down 2 per cent from February of 2022. Single-detached housing starts rose 2 per cent to 64,281 units, while multi-family and others rose 17 per cent to 179,677 (SAAR). 

In British Columbia, starts fell by 25 per cent in February to 37,389 units SAAR in all areas of the province. In areas in the province with 10,000 or more residents, single-detached starts fell 9 per cent m/m to 5,308 units while multi-family starts fell 30 per cent to 28,367 units. Starts in the province were 8 per cent above the levels from February 2022. Starts were up by 1.1k in Kelowna and 1k in Abbotsford, while falling 2k in Victoria and 14k in Vancouver from last month. The 6-month moving average trend fell 3.8 per cent to 48.8k in BC in November. 

Link: https://mailchi.mp/bcrea/canadian-housing-starts-february-2023

For more information, please contact: Gino Pezzani.

The death of a loved one sets off profound grief that can affect every part of someone's life. According to Memorial Sloan Kettering Cancer Center, grieving people often feel overwhelmed and unable to tolerate their feelings. Here are seven things that bereaved people should know:

1. It will get better. Some studies say there is a 2-year grief cycle before life really begins to resemble something normal.

2. You can handle the grief. Move through the pain by making space for it. Take breaks, go for a walk, stretch or sit quietly.

3. Nap, sleep more and drink water. Grief is exhausting, so be kind to yourself. Try to avoid alcohol, since it might worsen the grief.

4. When grief hits, think about it as a loop. Your calm might suddenly give way to sadness and crying, but that's not the end. The calm place will return and you will come back to serenity.

5. It's not just sadness. Grief can be a collection of emotions—anger, regret, relief, fear, grief, sadness, loss, and guilt. All these feelings are normal.

6. Look for the meaning. Some people have said grief itself seems useless—just more pointless suffering. But you might also find room for a sense of peace, or it might realign your priorities. Be open to meaning.

7. Proceed gently. Take a bath, avoid emotional TV shows or movies, but enjoy old favorites. Try not to make huge, impulsive changes in your life or lifestyle. Maybe quitting the job you love shouldn't happen right now.